NEW YORK — The price of oil is rising Monday, adding to a big gain last week after the U.S. Federal Reserve announced new steps to boost the U.S. economy.
Benchmark crude gained 44 cents to $99.44 in early trading on the New York Mercantile Exchange. Oil ended 2.7 percent higher last week.
The Fed's plan, which includes keeping interest rates at extraordinarily low rates into 2015, gives investors the incentive to put their money into riskier assets like commodities. But the higher oil rises, the more analysts believe consumers will pull back on spending.
While higher oil prices tend to drive up prices at the pump, the end of the summer driving season means demand should drop.
The national average for gasoline Monday is $3.862, down slightly from Friday.
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Should have approved the Keystone pipeline! Millions of jobs and millions of gallons of oil now going to China! Time for change, unless you actually enjoy being unemployed and broke! If not, vote for Mitt Romney!
The Keystone pipeline has been in use since 2010 Mountainman. Don't let facts stop your rant though.
You can spend 10 minuted READING and find out it's the expansion to the Gulf of Mexico that is being disputed and causing More..